A U.S. bankruptcy court has confirmed the chapter 11 plan to liquidate entities of troubled Eagle Hospitality Trust (EHT), following a confirmation hearing held on Dec 20, 2021, Business Times reported. The DBS Trustee said it does not expect unit-holders will receive any distributions on account of liquidating trust interests at this time. Under the plan, the stapled securityholders will only be entitled to a distribution only if there is value available at EH-Reit and only if holders of claims against EH-Reit have been paid in full.
Read more
Canada’s national pension fund struck its first partnership to build and rent out single-family homes in the U.S., joining a rush to capitalize on a housing shortage, Bloomberg News reported. Canada Pension Plan Investment Board will join with Greystar Real Estate Partners LLC, the largest property manager in the U.S., to build and acquire communities of single-family rental properties there, according to a statement Wednesday. CPPIB will own 95% of the $840 million joint venture and Greystar 5%. The surging price of homeownership in the U.S.
Read more
President Biden warned Russian President Vladimir Putin that the U.S. and its allies would meet a military escalation into Ukraine with a series of actions, including strong economic measures, bolstering Ukrainian defenses and fortifying support for Eastern European nations, as allies work together to prevent renewed conflict in Eastern Europe, the Wall Street Journal reported. For more than two hours on Tuesday, the leaders held a secure video call to address what the U.S. has described as large and unusual troop movement near Russia’s border with Ukraine in recent weeks. The U.S.
Read more
The European Union has experienced a "breakthrough year" with the United States even if not all trade irritants are gone and now wants to work with its transatlantic ally to start forging trade rules for the future, the EU trade chief said, Reuters reported. A year on from Joe Biden's defeat of Donald Trump in the U.S. presidential election, the two sides have suspended their disputes over aircraft subsidies and steel and aluminium tariffs and launched an alliance to cooperate on future technologies. "One can say that this year was indeed a breakthrough year for EU-U.S.
Read more
Canadians who have spent less than 72 hours in another country will no longer need a Covid-19 test to return to Canada, making it easier and cheaper for residents near the 5,500-mile border to make quick trips to the U.S. to pick up groceries, fill gas tanks or go holiday shopping, the Wall Street Journal reported. U.S. businesses along the Canadian border say they are anticipating a boost in cross-border shopping and tourism after nearly 20 months of suffering from Washington’s decision to ban tourists from entering the U.S. via northern land-border crossings.
Read more
Grupo Aeroméxico SA B de CV is roiling some of its creditors with a restructuring plan that sets aside an ownership stake for its partner and part-owner Delta Air Lines Inc. while paying a fraction of some of its debts, WSJ Pro Bankruptcy reported.
Read more
The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S. shoppers outspent those in China in pursuit of the latest fashion trends, according to a study released Thursday by the Bain consultancy, the Associated Press reported. Global consumer spending on personal luxury goods, including the latest sneaker trend or design collaboration, is forecast to spike by 29% this year, to 283 billion euros ($325 billion).
Airlines started flying thousands of Europeans and others to the U.S. after Washington reopened its borders to citizens of 33 countries who had been barred by Covid-19 restrictions for more than 18 months, the Wall Street Journal reported. As of Monday, vaccinated non-American citizens from previously restricted countries—predominantly in Europe—are allowed to travel to the U.S. if they have proof of vaccination and a negative Covid-19 test taken within the prior three days. The countries formerly on the banned list accounted for 53% of all overseas visitors to the U.S.
Read more
Airline Avianca Holdings will move its domicile to the United Kingdom and its stock will no longer be traded on the Colombian stock exchange, the company said on Wednesday, a day after a U.S. court's approval of the company's restructuring plan, Reuters reported. Colombia's flag carrier had filed for chapter 11 protection at a U.S. court in New York in 2020 amid the coronavirus pandemic. It now expects to exit the measure by the end 2021, after receiving around $2 billion in new financing under a debt-for-equity deal.
Read more
Offshore driller Seadrill Ltd on Tuesday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy, Reuters reported. Offshore driller Seadrill Ltd yesterday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy. U.S. Bankruptcy Judge David Jones in Houston signed off on the plan during a virtual hearing. Under the plan, creditors will exchange $4.9 billion in debt for equity in the company. Seadrill will also raise $350 million in new financing.
Read more